Not all real estate agents are realtors. Legally, not all agents deserve to hold the title of being called realtors. Building a career in real estate is a complex process, although most of the brokerages have this expectation that every real estate agent should work on becoming a realtor. Nevertheless, it is not a requirement on legal grounds.
To be given the title of a realtor, you have to be a real estate agent who is a member of the National regulation board. Realtors are well spread across the globe. The main difference between a realtor and a real estate property agent is that the realtor is treated as of much higher standard compared to a normal agent. This higher standard level is termed as the Realtor Code of Ethics.
Realtor Code of Ethics
Dating back to the 1900s, the real estate agents were termed as peddlers. With time, the agents have grown and revolutionized and have been able to acquire much better skills compared to the old days. To be a realtor, an agent has to agree with the way NARs Code of Ethics conducts their activities. This code of ethics encompasses all ethical issues that a realtor has to abide by while administering his work. For instance, while dealing with his clients and his colleagues or fellow agents. He also has to be writing down the truthful advertisement.
Multiple Listing Services
This refers to local groups of agents who gang together so that they can effectively distribute listings among themselves. These members are associated with their nationality. All Multiple Listing Services agents can be members of National Realtor Associations. They can serve both groups, the NRA and the MLS. To be members of MLS, they have to pay a membership fee to MLS and constantly renew its membership. It is also a requirement that the pay levies to the government and any other local realtor organizations.
Realtor Accountable for Their Actions
Any complaints, be it from clients or realtors filling complaints against each other is accepted by the organization. Any case filed against a realtor affects his or her membership in an organization. Fines are administered on those who are found guilty. They face the multi-member panel, and their fate is decided. Therefore, it is important for a realtor to respect and adhere to the ethics and rules of their organization.
Nevertheless, the organization does not have the authority to suspend the licenses of real estate agents. It can only be done by the real estate licensing commission who was responsible for giving them out to real estate agents. For example, in the United States, the license is issued by every state.
Not only the realtors can file cases against each other at the Local Board of Realtors, but also a common citizen can file complaints to the Board. There is a group of volunteers who are a Committee that will assess the complaints first. They do not have the authority to rule whether the complaints are true, false, or valid. Their work is to determine whether the complaints could be true and if there would be an abuse of the Code of Ethics. If true, a hearing date is set.
Complaints are composed of the violation of one or more ethics of the organization. On the hearing, the realtor has the permission to be represented by a lawyer. He also has a chance to explain his side of events. The judgment shall then be reached. If one is found guilty, the realtor is punished and through a suspension or expulsion from accessing the benefits of MLS membership. Other punishments include cash fines, the addition of education or both of them.